How to Determine What Your Home Is Worth

Selling your home is a large decision and it can feel often feel overwhelming on where to start. At Motus, we believe it’s important to have all the information before making the decision to sell. We recommend starting by allowing our team to help you determine what your home is worth. Getting a home valuation and a snapshot of your local housing market can help you decide on a plan of selling action. 

Four Types of Home Values

There are four different types of home values that you’ll hear during the home buying and selling process and it’s important to understand the differences between each one. 

We make this process easy, fast, and free. On https://www.motusre.com/evaluation it’s as simple as entering your address and checking a few property details. We’ll immediately email you an automated report with your home’s estimated value. From there one of our agents will work with you to develop a personalized report that goes deeper than the automated algorithm. The true market value includes upgrades that have been made to your home. 

Estimated Value:

The estimated value is just that an estimate. Estimated values are most often calculated by a computer algorithm that reviews your square footage and recent home sales in your area. This should be used as a basic guide but does not look at the full picture of your home. Home value changes all the time but the estimated value will give you really good starting ballpark figures. 

Appraised Value:

During the mortgage process, the buyer’s lender will hire a third-party assessor known as an appraiser to calculate what your home is really worth. This number will determine what the buyers will ultimately pay for the house. Meaning, if your list price is higher than the appraised value, unless you have appraisal cover, the buyer will only be required to pay the appraised value. 

Assessed Value:

This number determines how much you pay in property taxes. People often expect that there is a direct correlation between the appraised value and assessed value, but that is not always the case. Tax assessors don’t walk through your home so they don’t take into account upgrades that your property has. 

True Market Value:

Market value is the most probable price that your home will sell. There is no computer algorithm that can take all the factors into account when calculating home value. That’s why you need a great agent on your side who will research local housing market conditions and recent sales activity to help develop an accurate asking price.

Curious about your home’s true market value? One of our agents will prepare a comparative market analysis to help determine how much your home is worth. Give us a call or visit https://www.motusre.com/evaluation to get started.